Norwest Equity Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Norwest Equity Partners has acquired 3 companies. It has also invested in 4 others.

Norwest Equity Partners’ most common sectors for investment are consumer products (13%) and information technology (11%). The Firm’s most common investment types include secondary buyout (34%) and buyout (lbo, mbo, mbi) (28%). In total, Norwest Equity Partners has invested in 25 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Univar Solutions for $4.2B.

In the last 3 years, Norwest Equity Partners has exited 7 companies. The Firm’s most common exit type is secondary buyout (45%). Norwest Equity Partners’ largest (disclosed) exit occurred in 2012 when it sold Becker Underwood for $1.2B.

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M&A Summary

  • M&A Total Activity107
    • M&A Buy Activity64
    • M&A Sell Activity43
  • Total Sectors Invested 32
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 41
  • M&A Advisors 12

Norwest Equity Partners

80 South 8th Street, Suite 3600,
Minneapolis, Minnesota 55402
United States
(612) 215-1600
www.nep.com
tsolow@nep.com

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically providing $50 to $150 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota and has office in New York City.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Environmental, Financial Services, Healthcare Services, Information Technology, Life Science, Manufacturing, Media, Medical Products, Plastics, Renewable Energy, Retail, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 -
Investment Size 30 250
Enterprise Value 50 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 53 4 3 2 1 1 64
vol $7.3B $7.3B
Sell (1.8/yr) # 34 2 2 3 1 1 43
vol $4.5B $340M $4.8B
  107

Most Recent M&A

Company Date Value Type
Avtex Solutions LLC 2021-03-01 - Add-on Acquisition
Minneapolis, Minnesota · www.avtex.com
recteq LLC 2021-02-01 - Growth Capital
Marietta, Georgia · www.recteq.com
Red Monkey Foods, Inc. 2020-12-11 - Secondary Buyout
Springfield, Missouri · www.redmonkeyfoods.com
Surgical Information Systems LLC 2020-10-15 - Secondary Buyout
Alpharetta, Georgia · www.sisfirst.com
Clover Imaging Group 2019-12-16 - Secondary Buyout
Hoffman Estates, Illinois · www.cloverimaging.com
Christy Sports LLC 2019-12-02 - Secondary Buyout
Lakewood, Colorado · www.christysports.com
GoHealth, Inc. 2019-09-17 - Secondary Buyout
Chicago, Illinois · www.gohealthinsurance.com
Arteriors 2019-06-25 - Growth Capital
Carrollton, Texas · www.arteriorshome.com
Actagro LLC 2019-02-05 340M USD Add-on Acquisition
Biola, California · www.actagro.com
Quadion LLC 2018-10-12 - Secondary Buyout
Minneapolis, Minnesota · www.mnrubber.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Focal Point Data Risk LLC 2017-01-17 Cyber Risk Management LLC 2017-01-17 4
Tampa, Florida · www.focal-point.com Parsippany, New Jersey
Focal Point Data Risk LLC 2017-01-17 Sunera LLC 2017-01-17 3
Tampa, Florida · www.focal-point.com Tampa, Florida · www.sunera.com
Focal Point Data Risk LLC 2017-01-17 ANRC LLC 2017-01-17 2
Tampa, Florida · www.focal-point.com San Antonio, Texas · www.anrc-services.com
Focal Point Data Risk LLC 2017-01-17 APTEC LLC 2017-01-17 1
Tampa, Florida · www.focal-point.com Bethesda, Maine · www.aptecllc.com
Extreme Technologies, Inc. (dba Bowtech Archery) 2013-06-21 Excalibur Crossbow, Inc. 2014-01-08 1
Eugene, Oregon · www.bowtecharchery.com Kitchener, Ontario · www.excaliburcrossbow.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (5%) - 8 (12%) -
Information Technology 4 (18%) - 7 (11%) -
Distribution - - 4 (6%) 4.2B (57%)
Software 1 (5%) - 4 (6%) 500M (7%)
Chemicals 1 (5%) - 3 (5%) 200M (3%)
Consumer Services 2 (9%) - 3 (5%) -
Food 2 (9%) - 3 (5%) -
Manufacturing 1 (5%) - 3 (5%) -
Engineering 1 (5%) - 2 (3%) 2.4B (32%)
Apparel/Textiles 2 (9%) - 2 (3%) -
Communications - - 2 (3%) -
Healthcare Services 2 (9%) - 2 (3%) -
Plastics - - 2 (3%) -
Retail - - 2 (3%) -
Media - - 1 (2%) 80M (1%)
Aerospace 1 (5%) - 1 (2%) -
Automotive - - 1 (2%) -
Building Materials - - 1 (2%) -
Business Services - - 1 (2%) -
Construction - - 1 (2%) -
Defense - - 1 (2%) -
Education 1 (5%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Environmental - - 1 (2%) -
Financial Services - - 1 (2%) -
Furniture 1 (5%) - 1 (2%) -
Information Services - - 1 (2%) -
Insurance - - 1 (2%) -
Medical Products 1 (5%) - 1 (2%) -
Renewable Energy - - 1 (2%) -
Technology Hardware 1 (5%) - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 22 - 65 $7.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (91%) - 62 (95%) 5.0B (68%)
  Minnesota 3 (14%) - 14 (22%) -
  California - - 6 (9%) 580M (8%)
  Illinois 2 (9%) - 5 (8%) 4.2B (57%)
  Georgia 2 (9%) - 4 (6%) -
  Wisconsin - - 4 (6%) -
  Texas 2 (9%) - 2 (3%) -
  Florida 1 (5%) - 2 (3%) -
  Colorado 1 (5%) - 2 (3%) -
  Oregon 1 (5%) - 2 (3%) -
  New York 1 (5%) - 2 (3%) -
  Maryland 1 (5%) - 2 (3%) -
  Iowa - - 2 (3%) 200M (3%)
  Kentucky - - 2 (3%) -
  Kansas - - 2 (3%) -
  Connecticut 1 (5%) - 1 (2%) -
  Utah 1 (5%) - 1 (2%) -
  Pennsylvania 1 (5%) - 1 (2%) -
  Oklahoma 1 (5%) - 1 (2%) -
  Missouri 1 (5%) - 1 (2%) -
  Maine 1 (5%) - 1 (2%) -
  Virginia - - 1 (2%) -
  South Dakota - - 1 (2%) -
  North Carolina - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
Canada 2 (9%) - 2 (3%) -
  Ontario 2 (9%) - 2 (3%) -
France - - 1 (2%) 2.4B (32%)
Domestic 20 (91%) - 62 (95%) 5.0B (68%)
Cross-border 2 (9%) - 3 (5%) 2.4B (32%)
Total 22 - 65 $7.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (32%) - 22 (34%) 7.3B (99%)
Buyout (LBO, MBO, MBI) 3 (14%) - 18 (28%) -
Growth Capital 9 (41%) - 15 (23%) -
Recapitalization 1 (5%) - 4 (6%) -
Divestiture 1 (5%) - 3 (5%) -
Stake Purchase - - 2 (3%) 80M (1%)
Consolidation 1 (5%) - 1 (2%) -
Total 22 - 65 $7.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (44%) 1.6B (33%)
Trade Sale - Public Company 11 (26%) 3.0B (63%)
Trade Sale 5 (12%) 216M (4%)
IPO 5 (12%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Unknown 1 (2%) -
Total 43 $4.8B

Top M&A Advisors

Financial Deals
Houlihan Lokey
 4
William Blair & Co. LLC
 1
BlackArch Partners LLC
 1
Legal Deals
Winston & Strawn LLP
 6
Skadden, Arps, Slate, Meagher & Flom LLP
 5
Faegre Baker Daniels LLP
 4

Deal Values

buy # Total
> $1B 2 $6.6B
$100M to $1B 2 $700M
< $100M 1 $80M
TOTAL $7.3B
Largest Univar Solutions, Inc.
$4.2B (2010-11-30)
sell # Total
> $1B 2 $2.3B
$100M to $1B 10 $2.5B
< $100M 1 $24M
TOTAL $4.8B
Largest Becker Underwood, Inc.
$1.2B (2012-11-28)

M&A Connections

Deals
Acquired from
Investor(s)
34%
22 (34%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
44%
19 (44%)
Strategic(s)
40%
17 (40%)

Investor Summary

Size

Mega

PE Assets

7.1B USD

Established

1961

Specialist/Generalist

Generalist

Leadership

Timothy DeVries

Managing General Partner

Brian Allingham

Administrative Partner

John Lindahl

Chairman

Timothy Kuehl

Partner

Todd Solow

Partner

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